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Atricure (ATRC) Gets a Buy Rating from Needham

Needham analyst Michael Matson reiterated a Buy rating on Atricure (ATRCResearch Report) today and set a price target of $79.00. The company’s shares closed last Tuesday at $65.50.

According to TipRanks.com, Matson is a 4-star analyst with an average return of 6.6% and a 49.6% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Cardiovascular Systems, and Zimmer Biomet Holdings.

Currently, the analyst consensus on Atricure is a Strong Buy with an average price target of $93.67, representing a 43.8% upside. In a report released yesterday, BTIG also reiterated a Buy rating on the stock with a $94.00 price target.

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Based on Atricure’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $70.46 million and net profit of $97.11 million. In comparison, last year the company earned revenue of $54.76 million and had a GAAP net loss of $4.95 million.

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AtriCure, Inc. engages development, manufacture and sale of devices designed primarily for the surgical ablation of cardiac tissue, and systems for the exclusion of the left atrial appendage. Its products include radio Frequency (RF) ablation pacing and sensing, cryo, left atrial appendage management, soft tissue dissection, estech surgical instrumentation, and cart configuration. It operates through the following geographical segments: United States, Europe, Asia, Other International, and Total International. The company was founded by Michael D. Hooven on October 31, 2000 and is headquartered in West Chester, OH.

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